Maintaining (locus of) control? : Assessing the impact of locus of control on education decisions and wages

This paper establishes that individuals with an internal locus of control, i.e., who believe that reinforcement in life comes from their own actions instead of being determined by luck or destiny, earn higher wages. However, this positive effect only translates into labor income via the channel of education. Factor structure models are implemented on an augmented data set coming from two different samples. By so doing, we are able to correct for potential biases that arise due to reverse causality and spurious correlation, and to investigate the impact of premarket locus of control on later outcomes

Local Linear GMM Estimation of Functional Coefficient IV Models with Application to the Estimation of Rate of Return to Schooling

We consider the local linear GMM estimation of functional coefficient models with a mix of discrete and continuous data and in the presence of endogenous regressors. We establish the asymptotic normality of the estimator and derive the optimal instrumental variable that minimizes the asymptotic variance-covariance matrix among the class of all local linear GMM estimators. Data-dependent bandwidth sequences are also allowed for. We propose a nonparametric test for the constancy of the functional coefficients, study its asymptotic properties under the null hypothesis as well as a sequence of local alternatives and global alternatives, and propose a bootstrap version for it. Simulations are conducted to evaluate both the estimator and test. Applications to the 1985 Australian Longitudina

How Do Employers Use Compensation History?: Evidence from a Field Experiment

We report the results of a field experiment in which treated employers could not observe the compensation history of their job applicants. Treated employers responded by evaluating more applicants, and evaluating those applicants more intensively. They also responded by changing what kind of workers they evaluated: treated employers evaluated workers with 7% lower past average wages and hired workers with 16% lower past average wages. Conditional upon bargaining, workers hired by treated employers struck better wage bargains for themselves. Using a structural model of bidding and hiring, we find that the selection effects we observe would also occur in equilibrium

Book Review: The Long Journey To Software Valuation: Risks and Rewards Ahead by Dwight Olson

One of the most difficult challenges for any technology start-up, and for its investors, is how to assess the commercial value of their innovative product or service solution. Much-needed guidance on that challenge has finally arrived. Dwight Olson’s The Long Journey To Software Valuation, released on March 1st of this year, provides tremendous assistance for both owners of those assets and all potential investors. In fact, the arrival of Mr. Olson’s book is a relief. As my law practice has been, and remains, devoted to aggressively commercializing technology (including software) for over 25 years, I personally know how welcome Mr. Olson’s well organized and insightful assistance will be across the entire sector

Book Review: The Long Journey To Software Valuation: Risks and Rewards Ahead by Dwight Olson

One of the most difficult challenges for any technology start-up, and for its investors, is how to assess the commercial value of their innovative product or service solution. Much-needed guidance on that challenge has finally arrived. Dwight Olson’s The Long Journey To Software Valuation, released on March 1st of this year, provides tremendous assistance for both owners of those assets and all potential investors. In fact, the arrival of Mr. Olson’s book is a relief. As my law practice has been, and remains, devoted to aggressively commercializing technology (including software) for over 25 years, I personally know how welcome Mr. Olson’s well organized and insightful assistance will be across the entire sector

Mapping Developmental Precursors of Cyber-Aggression: Trajectories of Risk Predict Perpetration and Victimization

Technologically mediated contexts are social arenas in which adolescents can be both perpetrators and victims of aggression. Yet, there remains little understanding of the developmental etiology of cyber aggression, itself, as experienced by either perpetrators or victims. The current study examines 3-year latent within-person trajectories of known correlates of cyber-aggression: problem behavior, (low) self-esteem, and depressed mood, in a large and diverse sample of youth (N = 1,364; 54.6 % female; 12–14 years old at T1). Findings demonstrate that developmental increases in problem behavior across grades 8–10 predict both cyber-perpetration and victimization in grade 11. Developmental decreases in self-esteem also predicted both grade 11 perpetration and victimization. Finally, early depressed mood predicted both perpetration and victimization later on, regardless of developmental change in depressed mood in the interim. Our results reveal a clear link between risky developmental trajectories across the early high school years and later cyber-aggression and imply that mitigating trajectories of risk early on may lead to decreases in cyber-aggression at a later date